Advertisement

News

Noonan to correct Dail record over SiteSeerv

The Minister for Finance has moved to correct the record of the Dáil - after confirming his Departme...
TodayFM
TodayFM

7:26 AM - 4 Jun 2015



Noonan to correct Dail record...

News

Noonan to correct Dail record over SiteSeerv

TodayFM
TodayFM

7:26 AM - 4 Jun 2015



The Minister for Finance has moved to correct the record of the Dáil - after confirming his Department DID have important documents relating to the sale of SiteServ.

Michael Noonan last night revealed he had received a copy of the records from an IBRC meeting where the sale was agreed.

But he had earlier told TDs - in answers to written questions - that IBRC had never supplied him with a copy of the minutes from the board meeting in March 2012 where the deal was approved.

He last night said the documents had been mis-filed when they were originally received, and were only correctly located last week, over three years after they were first submitted by IBRC.

The SiteServ sale will now be among those investigated by a Commission of Investigation after a government decision last night.

The minutes of the board meeting go into detail about how IBRC's directors were aware that other bidders were interested in taking over SiteServ - including others who may have been prepared to pay more.

However the board agreed that the "very satisfactory" bid from Denis O'Brien's Millington group should be accepted - particularly as the entry of a rival bidder, who may not have ultimately made a final offer, could have seen Millington withdraw from the process.

However the documents also confirm that the sale to Millington saw IBRC write off €119 million of SiteServ's debts - far higher than the €100 million originally reported. 

The documents show that this was €10 million more than IBRC had originally allowed for.

The SiteServ transaction, which was previously being investigated by IBRC's liquidators from KPMG, will now be scrutinised by an independent Commission of Investigation run by a High Court judge.

Terms of reference for that inquiry are likely to be tabled for Dáil approval next week.



Read more about

News

You might like